Bitcoin, Ethereum Technical Analysis: BTC Back Above $40,000 as Bulls Re-Enter

Bitcoin, Ethereum Technical Analysis: BTC Back Above $40,000 as Bulls Re-Enter

After falling to multi-week lows to start the week, BTC rebounded back above the $40,000 level on Tuesday. Today’s surge in price comes as ETH also rallied, climbing beyond the $3,000 point for the first time in three days. Bitcoin

Following a disappointing start to the week, bitcoin saw its price rebound during Tuesday’s session, as bulls returned to action.

Monday saw BTC fall to a bottom of $38,708.50, which was its lowest point since mid-March, however it has since regained momentum.

This momentum has seen BTC/USD rally to an intraday high of $40,713.89 earlier today, after prices re-entered long-term support of $39,500. BTC/USD – Daily Chart

Today’s surge, which sees prices of the world’s largest cryptocurrency up nearly 5%, has somewhat eased, as early entrants likely have chosen to secure gains.

Looking at the chart, the closing of these positions comes just as prices approached the long-term ceiling of $40,835, which has often been a point of contention.

Relative strength remains oversold despite today’s gains, which may turn out to be a positive for bulls looking to spark a resurgence.

Ethereum

Speaking of resurgences, ETH saw its price recapture the $3,000 level for the first time since Saturday, following recent losses.

As of writing, ETH/USD is up 4.6% after a rally which saw it rise to an intraday high of $3,026.42 earlier today.

Today’s peak comes less than 24 hours after prices were trading at a bottom of $2,851.25, which was the lowest ETH had hit since March 18. ETH/USD – Daily Chart

This recent decline in price pushed the 14-day RSI near its own floor of 44.20, however bulls have managed to prevent any further weakness, and in turn used this as an opportune time to show strength.

Looking at the chart, the 14-day RSI is now tracking above 45, and should this head toward 50, we will likely see ETH trading above $3,100.

Moving averages are now tracking sideways, which could be the sign of consolidation, however bullish prospects will be increased should an upward crossover occur. Tags in this story Analysis, Bitcoin, ETH

What was behind today’s rally in BTC and ETH? Leave your thoughts in the comments below. Eliman Dambell

Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Biggest Movers: GRT up 15%, While ZEC Rallies Following Recent Losses MARKET UPDATES | 5 hours ago Biggest Movers: DOGE up on Twitter News, WAVES Deep in the Red MARKET UPDATES | 1 day ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleUS Charges Ethereum Dev’s Conspirators Allegedly Helping North Korea Evade Sanctions Using Crypto Next articleBuenos Aires Confirms It Plans to Allow Citizens to Pay Taxes With Cryptocurrency Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"

The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether